Lately, you might have heard that non-fungible tokens (NFTs) are changing the digital art game. They offer artists breakthrough methods to market their works, clarify ownership, and secure royalties. These tangible characteristics have changed how digital art is created, purchased, and sold. They use blockchain technology as a proof of scarcity and ownership that’s verifiable. The rise of NFTs has not only empowered digital artists but has sparked a broader conversation about the value and potential of digital assets in the modern world.
The Rise of NFTs and Digital Art Ownership
NFTs offer a revolutionary way to solve digital asset ownership’s age-old problem. In the digital realm, reproductions are easy to make. NFTs offer a new, verifiable way to create both authenticity and scarcity. By representing a digital artwork as an NFT on a blockchain, artists can create a provably unique item that can be bought, sold, and traded like a physical piece of art.
This ability to turn digital art into something provably ownable and sellable has opened up a new world of possibilities for digital artists. It wasn’t long ago that digital artists had a hard time finding ways to profit from their work. There were no clear means of determining ownership, and replication was simple. NFTs have answered this preposterous question by tracking ownership and provenance in a secure manner that’s transparent and accessible.
Tech-forward platforms such as Verisart and Artory enhance the legitimacy of digital artworks. To prove that each work is a legitimate original, they issue blockchain-based certificates. In summary, these certificates improve security and strengthen confidence. This, in turn, allows buyers to purchase and collect digital art with confidence.
Empowering Artists with New Revenue Streams
NFTs aren’t just a way of determining ownership, they allow musicians and artists to receive default royalties from all subsequent sales of their creations. This last feature is hugely important. It gives creators the ability to benefit from their creative work’s increased value over time, even after they’ve already sold it once.
Traditional art markets are shrouded in secrecy. Often, they try to deprive the artist of a meaningful cut from the profits on secondary market sales. NFTs are coded with smart contracts, allowing creators to embed certain functionality into the tokens themselves. These smart contracts program a cut of every single resale right back to the creator. This generates ongoing revenue for artists and encourages them to keep creating and experimenting.
OpenSea happens to be the world’s largest NFT marketplace. It returns power to creators by allowing them to include a reselling clause, which lets them earn up to 10% on all subsequent sales. With this final feature, artists can participate in the long-term value of their work. Let’s work together to make a more equitable art ecosystem.
NFT Marketplaces: A Diverse Ecosystem
The NFT landscape is further complicated by the fact that there are both general-purpose and specialized NFT marketplaces. OpenSea’s user-friendly interface and multi-chain support are just a few reasons why it’s become a favorite among artists and collectors alike. Its intuitive interface and extensive range of NFTs make it an attractive option.
SuperRare has always been a bit more heavily curated, winnowing down their selection to the most valuable artists of 1/1 crypto art. This platform is designed for collectors looking to acquire one-of-a-kind and highly-valued digital art works. It earns 15% on primary sales as a commission, a rate which matches its brand identity as a curated marketplace for premium digital art.
As the most eco-friendly marketplace, Objkt uses the Tezos Blockchain – the smartest, energy-efficient blockchain around. Through Objkt, artists have the opportunity to produce distinctive 1/1 originals or editioned series. This flexibility makes it possible to offer digital art as exclusive or accessible options.
Rarible’s notable features include quicklisting, no platform fees and these unique AI-generated drops and dynamic pricing tools. This platform is an important part of our vision of creating a seamless, engaging and artist-driven experience for artists and collectors.
Mainstream Adoption and Future Potential
NFTs caught the world’s attention during the boom of 2021, when celebrities and high-profile figures were spending millions of dollars on NFT JPEGs. This wave of celebrity interest flooded the market with NFT awareness. During this time, people started to realize what their true potential was as a new kind of digital asset.
When Christies auctioned off Beeple’s NFT for $69 million in March of 2021, it was a watershed moment not only for the digital artists but for NFTs as a whole. This pioneering auction served as a clear demonstration of the increasing recognition of digital art as a valid medium for artistic expression and investment. The auction triggered an explosion of experimentation in the art world. Artists, galleries and institutions alike rushed to explore all that NFTs could do.
NFTs use blockchain technology and smart contracts to provide an open, transparent marketplace for digital artists. Providing transparency, security, and immutability, blockchain technology enhances trust and confidence within the NFT ecosystem. We know that technology is changing at an ever-increasing pace. Similarly, NFTs are poised to create an important space in the future of art and digital ownership.
